Feb. 21 (UPI) — Executives at Meta have been approved for targeted bonuses up to 200% of their salary, while the company is in the process of laying off 5% of its workforce.
In a document filed with the Securities and Exchange Commission on Thursday, Meta said the update in executive compensation was made on Feb. 13 because its past bonuses fell below the 15th percentile of similar companies for executives.
The executive bonus boost does not include CEO Mark Zuckerberg. Meta executives could make up to 75% of their base salary in bonuses under the old plan.
“Following this increase, the target total cash compensation for the named executive officers (other than the CEO) falls at approximately the 50th percentile of the Peer Group Target Cash Compensation,” Meta said in an SEC filing.
Meta, the parent company of Facebook, said in the filing that the bonus plan gives “variable cash incentives meant to “motivate its executive officers to focus on company priorities and to reward them for company results and achievements.”
Earlier this month, Meta started laying off 4,000 employees and cut its annual distribution of stock options for workers by about 10%.
Meta owns Instagram, Threads, and the messaging service WhatsApp along with Facebook and advertising accounts for nearly all of its revenue. It ranks as one of the largest information technology companies in the world.
